The initial wave from yesterday's low is ugly to count. It can be a 3-wave or a 5-wave. Assuming it is a 5-wave then in the cash market DJI cannot decline below 10,333.
Futures are still locked within their rectangle. DJ futures cannot decline below 10,303. It's rectangle upper boundary is 10,357. It's high today 10,354.
So far we have 3 up. Market must achieve new highs to make a 5 wave and confirm Minute2.
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I think you have to take the EWI STU with a grain of salt. (I do not know of any trader who has made money trading the STU.)
ReplyDeleteI would trust your own judgment first and use STU as just another piece of information.
Looks like the jury's still out whether the first wave down is complete or whether it's still in its 4th subwave.
Steve
ReplyDeleteIs that the end of 3 up?
Jack c
Jack
ReplyDeleteYes, end of 3 up. At 11:50 it is end of 5 up.
pima
ReplyDeleteI subscribe to STU to alert me to my own possible shortcomings. They did that last night and they concurred with your count. I got it from you earlier. Everyone needs an intellectual counter-balance.
Thanks for posting.